Bentley Systems Announces Operating Results for the First Quarter of 2023 Press Release May 9, 2023 EXTON, Pa.  Bentley Systems, Incorporated (Nasdaq: BSY) (Bentley Systems or the Company), the infrastructure engineering software company, today announced operating results for its first quarter ended March 31, 2023.This press release features multimedia. View the full release here. First Quarter 2023 Financial Results Total revenues were $314.4 million, up 14.1% or 17.1% on a constant currency basis, year-over-year; Subscriptions revenues were $277.8 million, up 15.2% or 18.0% on a constant currency basis, year-overyear; Annualized Recurring Revenues (ARR) was $1,071.0 million as of March 31, 2023, representing a constant currency ARR growth rate of 13% from March 31, 2022; Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 108% for the same period last year; Operating income margin was 20.9%, compared to 20.5% for the same period last year; Adjusted operating income inclusive of stock-based compensation expense (Adjusted OI w/SBC) margin was 28.8%, compared to 28.4% for the same period last year; Net income per diluted share was $0.14, compared to $0.18 for the same period last year; Adjusted net income per diluted share (Adjusted EPS) was $0.25, consistent with the same